Tyre maker CEAT Ltd on Tuesday reported a 15-fold increase in Consolidated net profit at Rs 144.01 for the first quarter of the current fiscal year against the Rs 8.68 crore in the year-ago quarter.

The company’s operating revenue for the June quarter stood at Rs 2,935.2 crore, which is a 4.1% increase against the Rs 2,818.4 crore in the year-ago period.

On the operating performance, the company’s EBITDA during the June quarter stood at Rs 384.7 crore, compared to Rs 171.3 crore in the year-ago period.

Arnab Banerjee, MD & CEO, CEAT Limited, said, “Replacement and International business are looking good with good product – market fit. Our product performance continues to get accepted as superior across key geographies. Better sweating of assets, improved efficiencies through
digital interventions and otherwise, shall improve margins going forward,”

Kumar Subbiah, CFO of CEAT, said, “During the quarter, we have focused and optimised on operational efficiencies. Our improved product mix and procurement efficiencies have helped improve our gross margins leading to an improvement in our overall margins both sequentially and year-on-year,”

At 12:15 pm, the share of CEAT Ltd was trading at Rs 2,532.25 or 2.25% above its previous close on NSE.